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Heterodox Political Economy and the Degrowth Perspective

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Heterodox Political Economy and the Degrowth Perspective Sustainability 2013, 5, 276-297; doi:10.3390/su5010276 OPEN ACCESS sustainability ISSN 2071-1050 www.mdpi.com/journal/sustainability Article Heterodox Political Economy and the Degrowth Perspective Kent Klitgaard Wells College, Aurora 13026, NY, USA; E-Mail: [email protected] Received: 14 November 2012; in revised form: 31 December 2012 / Accepted: 5 January 2013 / Published: 21 January 2013 Abstract: The transition to sustainability will be difficult. Environmental sustainability entails living within the Earth’s limits, yet the majority of scientific studies indicate a condition of overshoot. For mainstream economists sustainability means perpetuating economic growth. Consequently, environmental and economic sustainability are incompatible in the present institutional context. This paper seeks to develop a new theory of sustainability based upon historical and institutional contexts, the role of economic crises, as well as focusing upon energy quality and meaningful work. Mainstream economics, which emphasizes market self-regulation and economic growth, is not a good vehicle for a theory of sustainability. Better insights are to be found in the literature of heterodox political economy and political ecology. Political ecology is based upon the theory of monopoly capital. Monopoly capitalism exhibits a tendency towards stagnation, because the economic surplus cannot be absorbed adequately in the absence of system-wide waste. The Monthly Review School continues this tradition in the context of the metabolic rift, while the Capitalism, Nature and Socialism School develops the idea of a second contradiction of capitalism. The Social Structure of Accumulation school pursues the idea of long swings of economic activity based upon institutional structures that aid or inhibit capital accumulation. Keywords: heterodox political economy; political ecology; metabolic rift; monopoly capitalism; social structure of accumulation; second contradiction of capitalism; energy return on investment 1. Introduction The transition from our present society to one that is environmentally, economically, culturally and socially sustainable will be difficult. Environmental sustainability entails living within the planet’s Sustainability 2013, 5 277 biophysical limits and the vast majority of scientific studies, from measurements of atmospheric carbon, to estimates of biodiversity and remaining fossil petroleum, show the size of human economy exceeds the Earth’s finite limits. If all land were divided equally, according to ecological footprint analysts, each of us would have 1.8 hectares of land to grow our subsistence and assimilate our wastes. On a world-wide basis, we each use 2.2 hectares, while developed nations, such as the United States, appropriate close to ten [1]. Not only does the world economy need to achieve a steady state, it needs to reduce its footprint in order to stay within the Earth’s biophysical limits. However economic sustainability is seen by the public at large and the mainstream economics profession as a problem of sustaining capital accumulation. Historically, economic growth has been the vehicle that enabled other social goals, such as achieving and maintaining full employment, reducing poverty, expanding capabilities and increasing opportunities. The developed world, and especially the rich nations of North America, is currently witnessing the effects of slow economic growth. Although the recession ended officially in 2009, unemployment remains stubbornly and persistently high, hovering around the 8% mark in the United States and even higher in Europe. Poverty rates are both high and increasing. Moreover the State has lost its ability to stimulate growth by means of fiscal and monetary policies. Not only are austerity measures being debated at the national level, but state and local governments find themselves short of funds to maintain infrastructure, educate the youth and provide basic social services. Europe especially may be witnessing “peak debt,” when the ability to borrow money easily to expand the economy faces severe political and economic limits. The United States in particular finds itself in a period of political impasse, much like the 1970s, when no single political party had the strength to implement its agenda, yet was sufficiently organized to keep their rival’s programs from being put into operation. In short, the developed world is in a period of economic crisis. Biophysical and degrowth economists need to take seriously the problems of unemployment and poverty if anyone is to listen to us. In an era where the primary demand of the electorate is “jobs, jobs, jobs,” ignoring the need of people to find steady and meaningful work will make those concerned only with living within nature’s limits appear callous just at the time when rapid action is needed to forestall the worst effects of anthropogenic climate change and peak oil. However, the current declines in economic growth rates are not the result of concerted efforts to address climate change and resource depletion. Rather, periodic declines in growth are characteristic of a market system and have been since the inception of capitalism. The world economy has experienced several “great depressions” (1870s, 1890s and 1930s) and a series of post-World War II recessions. Moreover, the percentage change in the growth of Gross Domestic Product has been slowing since the 1960s [2]. The final element of social sustainability is normally defined as maintaining the basic structures of society intact. One must question whether this is even possible, yet alone desirable, for the world’s richest nations. The basic elements of fossil fuel dependency, a globalized and financialized economy, conspicuous consumption all leading to elevated and increasing carbon emissions cannot be maintained and must be reversed. The three elements are in contradiction for the world’s wealthiest nations. Maintaining the social structure requires elevated levels of energy and materials consumption. Maintaining the economy necessitates the continuation of capital accumulation and economic growth. However, in order to achieve environmental sustainability, the human ecological footprint must shrink. These cannot occur at the same time, and nature is the ultimate arbiter. Environmental sustainability must take precedence in the long run, despite popular political appeal of attending to economic sustainability Sustainability 2013, 5 278 first. Humanity needs to find (in the words of Howard and Elizabeth Odum) a prosperous way down. In order to do so, we must abandon not only the economic theories of growth, but also the institutional structures of the growth economy. 2. Elements of a New Theory of Sustainability It is time to explore and establish a new economic theory, one that does not depend upon continued growth in order to meet the needs of human beings, while respecting and sustaining the myriad other species on the planet. It can neither be a theory that justifies the systematic degradation of the planet’s fundamental biophysical systems in the name of efficiency, nor can it turn a blind eye to the persistent inequality and poverty of the present system in the name of environmental sustainability. Furthermore, it must be a theory that is consistent with the end of the age of fossil fuels and sensitive to understanding the many positive feedbacks that exist in the interaction of complex biophysical and economic systems, and it should seek to understand the difficult connection between physical and social systems. Heretofore, all economic theory was conceived on the upslope of the Hubbert Curve, where ultimately recoverable reserves of petroleum increased annually as discovery and production exceeded depletion and the absolute scarcity of energy was not a pressing question. Under these conditions, economic progress could occur and labor productivity made to increase, by substituting fuels with a high Energy Return on Investment (EROI) for those that had a low EROI. The industrial revolution occurred when coal, with its relatively high energy density and EROI, replaced wood. Coal itself was supplanted by oil and natural gas. While the industrial revolution was enabled by fossil fuels, the quantity and quality of fuel alone does not explain sufficiently the economic and social changes that occurred in this time period. The way work was organized, class and power relations and the geography of production and exchange also changed fundamentally during the industrial revolution. We are now facing an unprecedented era when the second half of the age of oil is approaching, replete with lower energy quality and availability and higher cost. In addition, the increase in the admissions of carbon dioxide and its equivalents threatens the very stability of the climate through mechanisms, such as sea level rise, increased storm frequency and intensity, glacial melt and biodiversity loss. A new economic theory of sustainability must contain at least six basic elements. To begin with, a new economic theory must address the real world in, which we live. The economy cannot be treated solely as an abstract and isolated system of exchange, but as a system of production and exchange embedded in both a finite and non-growing biophysical system and in a social and institutional context. Such a theory must recognize the prevalence and persistence of monopoly or concentrated industry, in the economy. It cannot rely on “perfect competitive” markets that result in efficient allocation and equity as outcomes.
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